German inflation hits highest level since 1997 – live updates

Good morning.

There’s more trouble for Shell this morning, which has posted lower profits just hours after an activist investor launched an attack on the oil and gas giant.

The group’s adjusted profit came in lower than expected as higher costs offset the positive impact of surging oil prices. On a net basis, the company swung to a loss of $447m.

It follows a surprise attack by US fund Third Point, which claimed Shell was torn between conflicting interests over climate change.

5 things to start your day 

1)  Households face squeeze from inflation and flat wages Forecasts from Budget watchdog show that average real wages will be lower by 2026 than in 2008, says Institute for Fiscal Studies.

2)  Online sales tax planned after Sunak eases business rates burden Temporary reduction for shops, pubs and restaurants but Rishi Sunak backs away from sweeping reforms of the controversial system.

3)  Budget 2021 summary: key changes and highlights at a glance The key points in Rishi Sunak’s autumn Budget and Spending Review.

4) Toast to ‘draught relief’ in alcohol duty shakeup Drinks with more alcohol will be taxed at a higher rate, while a planned increase in duty on spirits has been scrapped.

5)  Shell comes under attack from Wall Street raider Third Point demands energy giant place oil operations into a separate business after taking £545m stake.

What happened overnight 

Samsung posted a 28pc jump in profits for July-September despite global supply chain issues. The tech giant’s sales rose 10pc to a record £45.9 billion and its shares were up 0.3pc in morning trade in Seoul. In Asia, fears over rising inflation sent markets lower: Hong Kong, Shanghai, Tokyo, Seoul, Sydney, Singapore, Wellington, Taipei, Jakarta and Manila all fell.

Coming up today

Corporate: Royal Dutch Shell, Lloyds Banking Group, Bytes Technology Group, Invidior, Helios Towers, Airtel Africa, C&C Group (interims); WPP, DS Smith, Evraz, Inchcape, Elementis, Travis Perkins (trading update)

Economics: Nationwide house price index (UK), ECB interest rate decision (EU), consumer confidence (EU), business climate (EU), GDP (US), pending home sales (US), jobless claims (US)

Read More: German inflation hits highest level since 1997 – live updates

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